New California law limits cash to crypto at ATM machines at $1000 per day per person and also the fees that can be imposed by the machines.
The industry says this will hurt the business, hinting that they’re profiting from the lack of KYC policies
I don’t see any legitimate use from those machines. Who would have a legit need to exchange $15k from cash to crypto at 33% fees???
As someone who tinkered with crypto and understands basic security, I don’t understand why anyone trusts these shady looking atm things. They’ve popped up on the weirdest places and I don’t see why anyone would share their information with them
To be scammed untraceably even if you can barely use a PC.
I think they’re mostly targeted at people who don’t understand crypto. Localmonero or localbitcoin peer to peer marketplaces are so much better than these ATM contraptions.
But if you need to buy something with Bitcoin, and you don’t have any on-ramps, the ATM works. It’s right there, it’s immediate, it’s kind of novel.
But yeah, giving those ATMs any personal information is insane. I can’t see anybody doing that.
They’re not exploiting the ATMs. The ATMs are working as designed.
… I mean, frankly I don’t see many legitimate use cases for crypto anyways. Cash Is kind of a better option in most cases where credit/debit cards would be out of the question.
I think there’s utility for digital cash. Fungible cash online.
I personally use Monero which is fungible, private, online digital cash. Just yesterday I donated to doctors without borders, I pay for my VPN, I pay for my email hosting, I donate to signal, I donate to graphene OS, I donate to the briar project, I donate to the Tor foundation, I fund software development bounties, I paid for dropout.tv… all using monero.
Why? For the same reasons I use cash. I want to have a transaction, I want to be done with it, and I don’t want to have an ongoing relationship. I don’t want third parties to be involved. If I put $5 in the local temples donation bin, or if I donate $5 in crypto, that’s nobody’s business but me and the Buddhists.
But you could do that with just about any digital payment system. Crypto doesn’t have anything to do with that. Hell, if you want it to be anonymous use a pre paid gift card you buy with cash.
That’s actually anonymous rather than pseudonymous.
Monero is fully anonymous, not just pseudonymous.
Cash-redeemable prepaid cards you buy for cash, are not available everywhere, or may require you to go through the equivalent of a KYC, and/or may have a monthly fee, and/or abusive transaction fees, and/or ridiculous monthly recharge/spending limits… on top of getting recorded on camera while buying them.
At least where I live, I’ve found no anonymous prepaid cash cards, but if I get my credit card and buy some Monero in my name, then send it to another account, nobody can link it back to me ever again.
If it is a block chain, that records transactions to specific wallets, then those wallets can be linked to an individual.
Monero works hard to make sure that wallet contents and transactions are private.
https://www.getmonero.org/get-started/what-is-monero/
The sender, receiver, and amount of every single transaction are hidden through the use of three important technologies: Stealth Addresses, Ring Signatures, and RingCT.
Because every transaction is private, Monero cannot be traced. This makes it a true, fungible currency. Merchants and individuals accepting Monero do not need to worry about blacklisted or tainted coins.
Can the block chain of the system be viewed by anyone? Is the wallet ID listed on the blocks?
It doesn’t matter how many fancy protocols are thrown up. If the history of the block chain is viewable and verifiable, then the history of transactions can be tracked to a wallet. Thus it is not truly anonymous.
Yes, no.
The IRS currently has a $600,000 Bounty for anyone who can deanonymize monero transactions.
That money is yours, just show us the way.
The wiki explains it better than I ever could, even have animations wiki
The transaction outputs, or notes, of users sending Monero are obfuscated through ring signatures, which groups a sender’s outputs with other decoy outputs.[12] Encryption of transaction amounts began in 2017 with the implementation of ring confidential transactions (RingCTs).[6][13] Developers also implemented a zero-knowledge proof method, “Bulletproofs”, which guarantee a transaction occurred without revealing its value.[14]
Great description!
Some people live in countries where some of those things are illegal. Another example of this is banned books. I can pay for entry into a private torrent tracker through a VPN to access books banned in my country.
If you need 0 connections between the cash in your bank account and what you buy online then you need something like Monero.
Or like buy a pre paid card with cash at a corner store.
